Technology enabled property and casualty (P&C) startups have piqued the interest of more investors this year, according to CB Insights data, spurring a frenzied changing of hands of venture capital.
Most of the deals this year involved first round investments, the market research firm further said.
Deals in 2016 reached 75 year to date, reflecting a 50% increase compared to the whole of 2015. These deals largely involve startups that distribute policies and provide software and services, or both, across the P&C value chain.
The biggest deal in 2015 involved Chinese online P&C carrier Zhong An, whose investment round took in $931 million, which goes on top of the $ 496 million poured into other ventures. In 2016, year to date investments have so far reached $483 million.
Further, CB Insights reported that almost 70% of seed or angel investments and series A rounds were funneled to early stage investments, a significant increase over last year’s 60%.
US firms dominated the top 10 P&C technology investments, with companies such as per-mile auto insurance MetroMile, cyber insurance risk modeling platform Cyence, and on demand personal item insurance Trov cornering hundreds of millions of dollars in seed capital. European and Chinese firms also topped the list of investor darlings for P&C technology ventures.
